After dealing with countless class actions and probes from multiple regulators, the monetary platform Robinhood is lastly paying up. On Wednesday, the Financial Industry Regulatory Authority (FINRA) announced it fined the firm $57 million and ordered the corporate to pay again $12.6 million in restitution, plus curiosity, to the 1000’s of consumers it had screwed over in myriad methods over the previous 12 months. All instructed, the settlement will value Robinhood about $70 million.

“The sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations,” the authority wrote, including that the multi-million greenback tremendous was decided to be an acceptable punishment for the “widespread and significant harm” Robinhood’s prospects suffered throughout the firm’s widespread outages final March. FINRA additionally notes that the tremendous is supposed to repay the “thousands of customers” that the corporate accepted to commerce dangerous choices, even once they in all probability shouldn’t have.

Authorities first launched their investigation into Robinhood this past August, following the corporate’s bungled response to multiple outages in March 2020 that coincided with two dismal days for shares. At least one Robinhood buyer responded by submitting a class action suit in opposition to the corporate, alleging that the corporate breached its contract by failing to supply a buying and selling platform that… truly labored. And whereas FINRA’s announcement doesn’t deal with Robinhood’s function within the Gamestop fiasco in any respect, Robinhood confronted dozens more class actions from irate prospects after the platform restricted trades of sure shares, together with Gamestop’s.

On prime of these flubs, FINRA’s investigation additionally discovered that Robinhood had “negligently communicated” data that was both deceptive or flat out false to its prospects a few “variety of critical issues.” Whether Robinhood’s prospects may place trades on margin, how a lot money was in an individual’s account, and the way a lot “buying power” these prospects had are just some of the subjects that investigators discovered Robinhood being less-than-truthful on. According to the authority, Robinhood’s misstatements value 1000’s of those prospects “more than $7 million” in misplaced money, which it might want to pay again in restitution. That’s on prime of the $5 million that Robinhood is now required to pay again to the shoppers who misplaced “tens of thousands” in money misplaced throughout the platform outages.

Not lengthy after FINRA revealed its announcement, Robinhood revealed its own blog that didn’t deny any of the costs the authority made however didn’t actually deal with them both.

“We’ve made investments in expanding customer support – and are now offering phone support for several areas, including options and equities trading, account security, and other use cases,” the corporate wrote. “We’ve enhanced our options offering, education about options, and how information is displayed in the app.” Now we simply must see if the corporate will cease mendacity to its prospects, too.